Dredging Corp has suspended GYV Victor, MD and CEO of the company, from July 13, 2022. The action has been taken on charges of suppression and misrepresentation of facts with respect to his professional and educational experience.

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In a letter to the exchanges, the company informed that Victor claimed to be an MBA holder from the Indian Institute of Management Services, New Delhi but a probe showed that no such institute exists.

The internal findings further show that Victor obtained permission to do a PhD from Anna University in regular mode but he perused it at another university based in West Bengal.

He also allegedly claimed to have been simultaneously working in Amareena Consults (based in Tamil Nadu) and Archirodon based in Dubai. The wordings/sentences of the experience certificates submitted by Victor from different organisations were found to be in the same language, the exchange filing read.

"As such, it has been concluded in the investigation that G.Y.V. Victor is prima-facie not eligible to be considered for the post of MD & CEO as per the criteria set out in the advertisement and that his claims of experience are based on wrongful and willful suppression of material facts and deliberate misrepresentation of tacts. The detailed report setting out the above along with other observations was submitted by chief vigilance officer to the chairman," DCIL said.

The company's stock is down over 25 percent in the past three months, as seen in the chart above. In the past month itself, it has slipped over eight percent.

(Edited by : Abhishek Jha)